Slaughters, Links line up £5bn Aviva debt deal
Slaughter and May has taken the lead advising Aviva on the update and revision of its £5bn debt programme, as the insurance giant moves to have greater flexibility in current market. Slaughters finance partner Miranda Leung took the lead advising long-time client Aviva on the annual update of its subordinated debt programme. The programme was adjusted to meet regulatory requirements and to gain more favourable rating agency treatment.
November 28, 2007 at 09:58 AM
2 minute read
Slaughter and May has taken the lead advising Aviva on the update and revision of its £5bn debt programme, as the insurance giant moves to have greater flexibility in current market.
Slaughters finance partner Miranda Leung took the lead advising long-time client Aviva on the annual update of its subordinated debt programme. The programme was adjusted to meet regulatory requirements and to gain more favourable rating agency treatment.
At the same time, the programme was restructured to allow Aviva to issue senior notes in addition to hybrid capital.
Linklaters took the lead for the bank on the deal, Citigroup, under capital markets partner Carson Welsh.
Both Slaughters and Linklaters have acted together on Aviva's debt programme for some years, with Slaughters initially being instructed to set up the programme in 2001.
Aviva has been an active client to Slaughters, with the magic circle law firm in March this year advising on a major outsourcing deal between the insurance giant and Swiss Re.
Aviva is Britain's biggest insurer with premium income and investment sales of £41.5bn and £377bn of assets under management. It has 59,000 employees serving more than 40 million customers.
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